Five large developing countries are moving closer to launching a mutual support fund as a response to large outflows of capital from emerging markets, Russia's finance minister said Thursday.
But the group—Brazil, Russia, India, China and South Africa—appear unwilling to embark on coordinated action to stabilize volatile currencies soon, with China's vice finance minister saying there is no need for a rescue plan and stressing that it is up to each country affected by recent markets turbulence to concentrate on putting its own house in order...............................................Full Article: Source